Hyundai Motor India, which currently has eight SUVs in its product portfolio, recorded total SUV sales of 2.5 million units in the previous financial year. Now, the South Korean automaker aims to regain market share from the growing indigenous OEMs with a range of new SUVs, including ICE models, EVs, and hybrid cars by 2030. The company is all set to launch an IPO (Initial Public Offering) of up to $3 billion with a projected $30 billion valuation. It might turn out to be the largest IPO in the Indian stock market.
Meanwhile, Hyundai is gearing up to launch the updated Alcazar three-row SUV on 9th September 2024. Ahead of its market arrival, the model has started arriving at dealerships. The new 2024 Hyundai Alcazar facelift will receive minimal changes inside and out while retaining the current engine setup.
Hyundai’s first Made-in-India, mass-market electric car is slated to arrive early next year – the Hyundai Creta EV. It will be based on the Creta facelift, which was introduced earlier this year. However, the electric version will certainly carry a few EV-specific design elements and is expected to share its powertrain with the global-spec Kona EV. After the Creta EV, four more Hyundai EVs are in the pipeline, expected to arrive by the end of the decade.
The carmaker’s future plan also outlines two petrol SUVs tailored for the Indian market. The first model will be based on the Hyundai Bayon crossoveralready on sale in global markets. Here, it will compete against the Maruti Suzuki Fronx and Tata Nexon. The second major SUV launch from Hyundai will be a premium offering to challenge the Mahindra XUV700. Both these upcoming Hyundai SUVs are expected to add nearly 120,000 units annually to the company’s total sales volume.
